{"id":2232,"date":"2025-10-28T09:00:00","date_gmt":"2025-10-28T08:00:00","guid":{"rendered":"https:\/\/eterrapartners.com\/?p=2232"},"modified":"2026-10-14T15:04:49","modified_gmt":"2026-10-14T13:04:49","slug":"preparing-a-non-binding-offer-insights-from-eterra-partners-billion-euro-ma-project","status":"publish","type":"post","link":"https:\/\/eterrapartners.com\/en\/news\/preparing-a-non-binding-offer-insights-from-eterra-partners-billion-euro-ma-project\/","title":{"rendered":"Preparing a Non-Binding Offer: Insights from Eterra Partners\u2019 Billion-Euro M&#038;A Project"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2232\" class=\"elementor elementor-2232 elementor-2226\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-398c36ef e-flex e-con-boxed e-con e-parent\" data-id=\"398c36ef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2cbbc50 e-con-full e-flex e-con e-child\" data-id=\"2cbbc50\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-18bbd56 e-con-full e-flex e-con e-child\" data-id=\"18bbd56\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b41ce39 elementor-widget elementor-widget-heading\" data-id=\"b41ce39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key takeaways:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-486659d elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"486659d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Eterra Partners supported a client in preparing a non-binding offer (NBO) for a technology acquisition valued at <b>more than one billion euros.<\/b><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The NBO lays the foundations for due diligence, negotiations and future value creation, without any legal commitment.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Two valuation methods were combined: DCF (discounted cash flow) <b>analysis<\/b> and <b>EBITDA multiples<\/b>.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Governance and compliance were treated as <b>guarantees of credibility<\/b>, not simply as a regulatory constraint.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The transaction was ultimately not completed, but it confirms the firm's ability to manage complex transactions.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-691e163 e-con-full e-flex e-con e-child\" data-id=\"691e163\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0f22ff4 elementor-widget elementor-widget-text-editor\" data-id=\"0f22ff4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Understanding the preparation of a non-binding offer<\/h2>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"14:1-14:230;936-1165\">A non-binding offer is the <b>first tangible step<\/b> in a merger and acquisition transaction. It allows the buyer to express their intention without any legal commitment. It also initiates a preliminary assessment phase.  <\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"16:1-16:156;1167-1322\">At Eterra Partners, this step is a strategic lever. It lays the foundations for <a href=\"https:\/\/eterrapartners.com\/en\/news\/what-is-due-diligence\/\">due diligence<\/a>, negotiations, and future value creation. <\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"18:1-18:81;1324-1404\">Our experts coordinate investors, legal advisers and financial advisers to:<\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\" dir=\"auto\" data-sourcepos=\"20:1-23:86;1406-1802\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"20:1-20:96;1406-1501\">Prepare confidentiality agreements (NDAs) and the structured exchange of sensitive information<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"21:1-21:95;1502-1596\">Conduct <b>preliminary due diligence <\/b>focused on regulatory and financial risks<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"22:1-22:120;1597-1716\">Build <b>DCF<\/b> valuation models and <b>EBITDA<\/b> multiple analyses tailored to the target company&#8217;s profile<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"23:1-23:86;1717-1802\">Harmonize communication between the parties to establish transparency and trust<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bcc0db6 e-con-full e-flex e-con e-child\" data-id=\"bcc0db6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-76fdf9b e-con-full e-flex e-con e-child\" data-id=\"76fdf9b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d283d80 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"d283d80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/eterrapartners.com\/wp-content\/plugins\/elementor\/assets\/images\/placeholder.png);\" role=\"img\" aria-label=\"\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-comment-dots\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tAre you preparing a\nmerger and acquisition transaction?\t\t\t\t\t<\/h2>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tSpeak with a senior consultant, first contact with no obligation\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/eterrapartners.com\/en\/contactez-eterra-partners\/\">\n\t\t\t\t\t\tContact our team\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f25fa61 elementor-widget elementor-widget-text-editor\" data-id=\"f25fa61\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Eterra Partners&#8217; role in this transaction<\/h2>\n<p>On this project, Eterra Partners acted as a catalyst between buyers and sellers. Our role was to: <\/p>\n<ul>\n<li>Provide financial and sector analyses based on discounted cash flows (DCF) and market benchmarks<\/li>\n<li>Identify <b>industrial, technological and human synergies<\/b><\/li>\n<li>Ensure regulatory compliance at every stage of the process, thanks to our <a href=\"https:\/\/eterrapartners.com\/en\/our-compliance-expertise\/compliance\/\">experts in compliance<\/a> and <a href=\"https:\/\/eterrapartners.com\/en\/our-compliance-expertise\/compliance-consulting-firm\/\">corporate governance<\/a><\/li>\n<\/ul>\n<p> <\/p>\n<p>This integrated approach strengthens our reputation as a <b>trusted strategic partner<\/b>. It ensures a balance between financial precision and strong human relationships. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1967362 e-con-full e-flex e-con e-child\" data-id=\"1967362\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0eead2f elementor-widget elementor-widget-image\" data-id=\"0eead2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/eterrapartners.com\/wp-content\/uploads\/Strategie-et-Expertise-en-Action-1024x683.png\" class=\"attachment-large size-large wp-image-4453\" alt=\"Eterra Partners guides large-scale M&amp;A with rigor, due diligence, and governance. Discover our lessons from a one-billion-euro non-binding offer.\" srcset=\"https:\/\/eterrapartners.com\/wp-content\/uploads\/Strategie-et-Expertise-en-Action-1024x683.png 1024w, https:\/\/eterrapartners.com\/wp-content\/uploads\/Strategie-et-Expertise-en-Action-300x200.png 300w, https:\/\/eterrapartners.com\/wp-content\/uploads\/Strategie-et-Expertise-en-Action-768x512.png 768w, https:\/\/eterrapartners.com\/wp-content\/uploads\/Strategie-et-Expertise-en-Action.png 1536w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-590eacd e-con-full e-flex e-con e-child\" data-id=\"590eacd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-05eff8c elementor-widget elementor-widget-text-editor\" data-id=\"05eff8c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" dir=\"auto\" data-sourcepos=\"37:1-37:39;2581-2619\">The valuation methods used<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f841e8 e-grid e-con-full e-con e-child\" data-id=\"6f841e8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c1310fc e-grid e-con-full e-con e-child\" data-id=\"c1310fc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8df29f8 elementor-widget elementor-widget-heading\" data-id=\"8df29f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><strong>DCF analysis<\/strong><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ae98ae elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"5ae98ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-slack-hash\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Method 1<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62df47b elementor-widget elementor-widget-text-editor\" data-id=\"62df47b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>This method projects future cash flows and discounts them to determine their <b>net present value<\/b>. It highlights long-term performance, cash flow strength and <b>sustainable growth capacity<\/b>. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6933d9c e-grid e-con-full e-con e-child\" data-id=\"6933d9c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fc7e246 elementor-widget elementor-widget-heading\" data-id=\"fc7e246\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">EBITDA multiples<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f02950 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"0f02950\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-slack-hash\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Method 2<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff7277e elementor-widget elementor-widget-text-editor\" data-id=\"ff7277e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>This tool compares the value of a target with its market peers. It provides a quick view of <b>valuation gaps<\/b> and helps identify optimization levers. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f2e8858 e-con-full e-flex e-con e-child\" data-id=\"f2e8858\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-89b580b elementor-widget elementor-widget-text-editor\" data-id=\"89b580b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Combining the two approaches enabled Eterra Partners to deliver a rigorous and nuanced valuation, tailored to the realities of the technology sector.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f646d2d e-con-full e-flex e-con e-child\" data-id=\"f646d2d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a19e60b elementor-widget elementor-widget-text-editor\" data-id=\"a19e60b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" dir=\"auto\" data-sourcepos=\"49:1-49:59;3359-3417\">Governance and compliance, guarantees of credibility<\/h2>\n<p>In any merger and acquisition transaction, governance and compliance are not merely a regulatory requirement. They are also a guarantee of credibility <b>and<\/b> stability for investors and executives.<br\/> <\/p>\n<p>Our interventions include:<\/p>\n<ul>\n<li><b>Auditing and updating advisory contracts<\/b> to ensure their legal alignment<br\/><\/li>\n<li><b>Adapting internal practices<\/b> to antitrust regulations and European standards<\/li>\n<li><b>Ongoing regulatory monitoring<\/b> to avoid any risk of post-transaction litigation<br\/><\/li>\n<\/ul>\n<p> <\/p>\n<p>This rigor ensures our clients benefit from transparent and secure transactions, supported by high ethical standards.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73de7ec e-con-full e-flex e-con e-child\" data-id=\"73de7ec\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-89051ce elementor-widget elementor-widget-text-editor\" data-id=\"89051ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" dir=\"auto\" data-sourcepos=\"63:1-63:55;4180-4234\">The human factor, the driving force behind successful transactions<\/h2>\n<p>Beyond the numbers, human relationships remain the true driving force behind successful transactions. Eterra Partners relies on a strong network built on <strong>trust, respect and transparency.<\/strong> <\/p>\n<p>Understanding the objectives and motivations of each party is key to building lasting agreements.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-da7dcea e-con-full e-flex e-con e-child\" data-id=\"da7dcea\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9542fae elementor-widget elementor-widget-text-editor\" data-id=\"9542fae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" dir=\"auto\" data-sourcepos=\"69:1-69:42;4540-4581\">Strategic lessons from this transaction<\/h2>\n<p>The client ultimately chose not to complete the acquisition. Nevertheless, the experience strengthened Eterra Partners&#8217; expertise in three areas: <\/p>\n<ul>\n<li>Strategic due <strong>diligence preparation<\/strong><\/li>\n<li>Valuation of <strong>complex companies<\/strong><\/li>\n<li>Management of <strong>high-stakes negotiations<\/strong><\/li>\n<\/ul>\n<p> <\/p>\n<p>This experience confirms the firm&#8217;s ability to support its clients in large-scale transactions, where strategy goes hand in hand with operational precision.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7da4cf8 e-con-full e-flex e-con e-child\" data-id=\"7da4cf8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c9ba86a elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"c9ba86a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t<div class=\"elementor-cta__bg-wrapper\">\n\t\t\t\t<div class=\"elementor-cta__bg elementor-bg\" style=\"background-image: url(https:\/\/eterrapartners.com\/wp-content\/plugins\/elementor\/assets\/images\/placeholder.png);\" role=\"img\" aria-label=\"\"><\/div>\n\t\t\t\t<div class=\"elementor-cta__bg-overlay\"><\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-rocketchat\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tReady to structure your next transaction?\t\t\t\t\t<\/h2>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tTalk to one of our senior consultants for free.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/eterrapartners.com\/en\/contactez-eterra-partners\/\">\n\t\t\t\t\t\tContact our team\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b3962d4 e-con-full e-flex e-con e-child\" data-id=\"b3962d4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-743e81a e-con-full e-flex e-con e-child\" data-id=\"743e81a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d761762 elementor-widget elementor-widget-text-editor\" data-id=\"d761762\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"faq-desc\">YOUR QUESTIONS<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-051a13b elementor-widget elementor-widget-heading\" data-id=\"051a13b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FAQ \u2013 Frequently asked questions about non-binding offers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15100a2 elementor-widget elementor-widget-text-editor\" data-id=\"15100a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"faq-desc\">Before contacting us, you may have these questions. Here are direct answers from our senior consultants. <\/p><div class=\"faq-box\"> <\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-65a1aaa e-con-full e-flex e-con e-child\" data-id=\"65a1aaa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fa66e6b elementor-widget elementor-widget-n-accordion\" data-id=\"fa66e6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2620\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-2620\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> What is a non-binding offer? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2620\" class=\"elementor-element elementor-element-61b3248 e-con-full e-flex e-con e-child\" data-id=\"61b3248\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eae14cf elementor-widget elementor-widget-text-editor\" data-id=\"eae14cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A non-binding offer expresses interest in a transaction without any legal commitment. It paves the way for discussions and in-depth due diligence. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2621\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2621\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> How is valuation performed in M&amp;A? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2621\" class=\"elementor-element elementor-element-38e9c9a e-con-full e-flex e-con e-child\" data-id=\"38e9c9a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-67e35e3 elementor-widget elementor-widget-text-editor\" data-id=\"67e35e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>It identifies operational, financial and regulatory risks. It ensures informed decision-making. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2622\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2622\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Why is compliance important? <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2622\" class=\"elementor-element elementor-element-909d05b e-con-full e-flex e-con e-child\" data-id=\"909d05b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8227790 elementor-widget elementor-widget-text-editor\" data-id=\"8227790\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Transparent governance inspires stakeholder confidence and strengthens the company&#8217;s reputation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2623\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2623\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> How does the human factor influence mergers and acquisitions?<br \/> <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t<span class='e-closed'><i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2623\" class=\"elementor-element elementor-element-b41ab71 e-con-full e-flex e-con e-child\" data-id=\"b41ab71\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b937e4e elementor-widget elementor-widget-text-editor\" data-id=\"b937e4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Trust-based relationships facilitate negotiations and secure the exchange of sensitive information.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is a non-binding offer?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A non-binding offer expresses interest in a transaction without any legal commitment. It paves the way for discussions and in-depth due diligence.\"}},{\"@type\":\"Question\",\"name\":\"How is valuation performed in M&A?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It identifies operational, financial and regulatory risks. 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The NBO lays the foundations for due diligence, negotiations and future value creation, without any legal commitment. Two valuation methods were combined: DCF (discounted cash flow) analysis and EBITDA multiples. Governance [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1550,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[93,92,112],"class_list":["post-2232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-due-diligence-en","tag-fusac-en","tag-reseaux-daccompagnement-pme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Non-binding offer M&amp;A: Strategy &amp; Case Study | Eterra<\/title>\n<meta name=\"description\" content=\"How to secure a non-binding offer? 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